KARACHI: TRG Pakistan said on Monday that shares recently acquired by JS Bank in the company originated from Zia Chishti, its co-founder and former chief executive.
In a notice to the Pakistan Stock Exchange (PSX), TRG Pakistan said its associate, The Resource Group International Limited (TRGI), had informed it that during an enforcement court proceeding in the US last week, Chishti confirmed under oath that the shares in question were acquired from his account. The transaction, it said, was linked to the enforcement of a pledge provided as collateral for a loan from JS Bank.
TRGI added that it reserves all rights regarding the legality of any such transfers, citing an arbitration ruling in the United States in its favour in early 2025.
TRG Pakistan also said it had not yet received a disclosure from Chishti regarding the transaction.
Following the transfer, JS Bank and other members of the JS Group hold 159,980,453 shares, or 29.3 per cent, in TRG Pakistan, while Chishti holds 6,557,500 shares, equivalent to 1.2 per cent, the company said.
Regarding concerns that Zia now holds very few shares, tech expert Habibullah Khan said that “people should understand that members of his family also own shares in the company. As a result, even after this transaction, [Zia] continues to have a significant economic interest. He therefore remains a significant shareholder.”
On Friday, JS Bank said it had acquired around 81.36 million shares, or 14.92 per cent, of TRG Pakistan at Rs62.92 per share through what it described as “enforcement of security”.
In a PSX filing dated May 25, 2026, the bank said the transaction, executed on May 21, did not attract Part IX of the Act under Section 109(1)(c). It added that before the acquisition, JS Bank and persons acting in concert held 78,622,164 shares, or 14.41 per cent, in the company.
“After abovementioned acquisition through enforcement of security; our total shareholding in the company is 159,980,453 shares, which represent 29.33 per cent of the total issued voting shares of the Company,” JS Bank said.
In securities markets, enforcement of security typically refers to a lender taking control of pledged shares when a borrower defaults on a loan.
JS Bank had earlier informed Chishti in January 2025 of an event of default linked to a credit facility of Rs2.59 billion secured against pledged shares. The bank said at the time it was exercising its right to enforce the pledge over a portion of the shares, while the remainder would stay under its lien.
A Central Depository Company record dated December 2024 showed Chishti’s position was almost fully pledged, with a small portion frozen.
